Credit Suisse Investment Banking Pitch Book
Maine risked NAV analysis
Analysis based on forward curve pricing as of 11/30/2012
Case 1 - RPS resource / risking case
Discount rate
PV of unlevered free cash flow
(-)Corporate adjustments (¹)
Implied equity value reference range
Implied per share reference range(2)
Case 2 - Maine management resource / RPS risking case
Discount rate
PV of unlevered free cash flow
(-)Corporate adjustments(¹)
Implied equity value reference range
Implied per share reference range(2)
Case 3 - Maine management resource / risking case
Discount rate
PV of unlevered free cash flow
(-)Corporate adjustments(¹)
Implied equity value reference range
Implied per share reference range(2)
CREDIT SUISSE
(1)
(2)
Low
13.0%
$3,494
(1,065)
2,429
$14.68
Low
13.0%
$6,988
(108)
6,880
$29.71
Low
13.0%
$13,789
(108)
13,681
$58.25
-
-
-
-
-
-
-
-
High
11.0%
$4,046
(108)
3,938
$17.36
High
11.0%
$8,384
(108)
8,276
$35.57
High
11.0%
$16,830
(108)
16,722
$71.01
Maine corporate adjustments as of 9/30/12 based on $191.9 million of cash and cash equivalents, $700 million of 5.75%
convertible preferred stock, $188.9 million of 4% convertible notes, $67.8 million of 5.25% of convertible
notes and $300 million of 11.875% senior notes per Maine 10Q (not pro forma for sale of West Delta / Mississippi Canyon
and Eugene Island properties effective July 2012).
Assumes 161.9 million basic shares outstanding per Maine management, 14.3 million options outstanding at a
weighted average exercise price of $14.20 per share, 0.1 million RSUS and $12.1 million of 8.0% convertible preferred
stock with a conversion price of $6.84.
Confidential
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